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Tax Newsletter - February 2014

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The tax authorities in the region have been intensely active
over the end of 2013 and the beginning of 2014 and have implemented
several legislative changes.

The Republic of Serbia has introduced a transitional regime
which will be in force until an electronic tax return filing system
and the unified collection of withholding tax have been introduced.
The by-laws regarding VAT, income taxes and property taxes have
also been amended and the new reduced VAT rate, 10%, became
applicable on 1 January 2014. The rulebook on transfer pricing has
also been amended.

Similarly, Croatia has introduced a new unified form for filing
tax returns for withholding tax which has considerably simplified
the income tax return system. Croatia has also increased the
reduced VAT rate from 10% to 13% as of 1 January 2014.

Montenegro has amended regulations governing corporate income
tax, personal income taxes and social security contributions, and
the new Law on Real Estate Transfer Tax became applicable on 1
January 2014. The Montenegrin authorities have granted tax payers
the right to write-off existing tax and customs debts under certain
conditions and from 1 January 2014, new Double Taxation Treaties
(DTT) have been implemented with the United Arab Emirates and
Azerbaijan.

At the end of December 2013, the Law on Indirect Taxation
Procedure, which applies to the entire territory of Bosnia &
Herzegovina was amended and became applicable on 31 December 2013.
On 1 January 2014, the DTT between Bosnia & Herzegovina and
Azerbaijan came into effect and on 8 December 2013, the Law on
Personal Income Tax in Republika Srpska was amended and became
applicable on 1 February 2014.

SERBIA

Tax Procedure

Amendments to the Rulebook on Tax Returns for the
Withholding Tax on Personal Income Tax

At the end of 2013, the Ministry of Finance amended the
previously adopted Rulebook on Tax Returns for Withholding Tax in
order to further define the rules on filing tax returns for
withholding tax during the transitional period before the
introduction of the electronic system for the unified collection of
taxes and contributions.

The amendments set out different outlines for the withholding
tax return form (form PPP-PD) and the confirmation form for paid
taxes and contributions (Form PPP-PO). The amendments also
prescribe new rules for completing these forms.

According to the amendments, the reference number, which has
been assigned in the system to every tax return applicant, must be
included in the tax payment order, as well as in the payment order
for income payments to individuals. The tax payment order must
contain the appropriate payment code prescribed by the National
Bank of Serbia. If a payment order does not contain all necessary
elements, the bank must refuse to execute the income payment
order.

Instead of by 31 December 2013, as originally prescribed, the
transitional regime requires taxpayers file, in parallel, both the
new (PPP-PD Form) and the old forms of the withholding tax return
by 28 February 2014, however, tax and contributions debts will be
recorded based on the "old" forms.

Finally, as an exception to the general rule that the payment of
income and related taxes to individuals can be made only after a
tax return had been filed, banks will be allowed to pay interest
and related taxes prior to the tax return filing, i.e. prior to
obtaining of a special reference number that is filled in the tax
payment money order and money order for the payment of income.

New Rulebook on Filing Tax Returns for the Purchase of
Certain Goods in Cash has been adopted

A new rulebook on the method of determining, payment and filing
tax returns for withholding tax on other individual income from the
sale of goods when income is paid in cash at the moment of the
delivery of goods has been passed.

This Rulebook defines the manner for filling out and filing a
tax return for withholding tax on income payments for the purchase
of agricultural goods from an individual that is not an
agriculturist, the purchase of secondary raw materials and goods
produced during temporary and/or part-time labour.

Similarly to the payment of interest, a tax return for
withholding tax for the payment of the mentioned income in cash
will be filed after the payment of taxes has been made, provided
that tax was to be paid on the same day when the income was paid to
the individual and not later than the first day when the payment is
possible.

New Rulebooks on the Electronic Filing of Tax
Returns

In December 2013, the Rulebook on the Method of Filing
Electronic Tax Returns was amended and its name was changed to the
Rulebook on Filing Electronic Tax Returns for Large Taxpayers. In
addition, a new Rulebook on filing electronic tax returns for all
other taxpayers was adopted.

The most important change is the new outline of the PEP Form
whereby authorisation for the use of electronic services was
granted and which should be filled out and filed by all tax payers
who authorise other parties to file electronic tax returns via the
Tax Administration Portal (https://eporezi.poreskauprava.gov.rs). If a tax
return has been filed by a taxpayer's legal representative, the
PEP Form does not have to be submitted provided that the
representative has an electronic certificate.

The amendments abolished the PREP form (a confirmation for the
registration for electronic filing) and the PEK form (tax
card).

The Rulebook on Filing Electronic Tax Returns is partially
applicable to large taxpayers as of 1 January 2014, who now have to
file a tax return for VAT (Form PP PDV) and personal income
withholding tax (forms PPP and PPP PD) using the Tax Administration
Portal, provided that they electronically submit the
"old" forms of the aggregate tax returns (OPJ and OD) for
payments made by 28 February to the Center for Large Taxpayers, as
they did before.

For the time being, all other taxpayers are required to file
only a tax return for withholding tax (Form PPP PD) using the
Portal, provided that the full transition for all taxpayers to file
all tax returns electronically is completed by 1 July 2014.

Corporate Income Tax

Rulebook on Transfer Pricing amended

The amendments to the Rulebook on Transfer Pricing and Methods
of the "Arm's Length" Principle Applicable to the
Establishment of Prices of Transactions between Related Parties
introduced the possibility to submit a Short Form Report.

The Short Form Report is submitted by entities which have had
transactions with related parties (excluding loans and credits),
subject to the condition that the on-off transaction with the
related party does not exceed RSD 8 million, or that the total
value of all transactions with one related party does not exceed
RSD 8 million.

The Short Form Report is submitted for all transactions and
contains only a description of the transaction, the transaction
value, and information regarding the related party with whom the
transaction has been executed.

Rulebook on Tax Balance in preparation

The New Rulebook on Content of Tax Balance and Other Issues of
Importance for Establishment of Corporate Income Tax is in
preparation, in which the outline of the form used for corporate
income tax returns for 2013 will be changed.

In addition to changes in the form of tax balance, the form for
calculation of tax credit in line with Article 48 of the Corporate
Income Tax Law will be changed as well. Changes in the calculation
of interest as per the rules of thin capitalization for legal
entities whose fiscal year differentiates from the calendar year
are also in preparation. We will report on the final text of the
rulebook upon its adoption.

Value Added Tax

Decree on Implementation of the Law on Value Added Tax on
the territory of the Autonomous Province of Kosovo and Metohija
during the validity of the UN Security Council Resolution
1244

A new decree on the implementation of the VAT Law on
transactions with APKM was adopted on 14 December 2013 and became
applicable the same day. With the application of the new decree,
all by-laws adopted on the basis of the previously applicable
decree ceased to apply, including the Rulebook on Format, Content
and the Method of filling out the Calculation Sheet for VAT and the
Recording Sheet and Method and Procedure for Collection of VAT and
Other Bank Guarantee Costs.

By the new Decree, transactions with APKM are in great part
placed back under the regular VAT regime. In order to be VAT exempt
for the shipping of goods to Kosovo, it is no longer necessary to
have evidence of a sale of foreign currency, generated by export,
to the National bank of Serbia. Exemption from VAT for export on
the territory of APKM remained conditional upon receipt of full
payment for exported goods. Also, the KMPDV Form which was used for
the submission of information about transactions with APKM has been
terminated, and the information regarding the supply of goods
between the territories of Serbia and APKM is again declared in the
same way as before, i.e. in the standard tax return for VAT on
PPPDV Form.

The Decree abolished the EL and OLPDV forms, which were used as
evidence on imports and exports from the territory of APKM. These
forms are now replaced with the regular export-import customs
declarations that are used for regular import and export to the
territories of other countries.

In line with the new Decree, the Rulebook on Form and Content of
Registration of VAT Payers, Procedure of Registration and Deletion
from Registry and on a Form and Content of VAT return was amended
as well, but only in order to make some technical and terminology
corrections.

Amendments to the Rulebook on Determining the Goods and
Services that are Subject to Special VAT Rate

The amendments to this Rulebook were adopted in order to align
it with the amendments to the Law on VAT which increased the
reduced VAT rate from 8% to 10%. These amendments provided that the
supply of computers will be subject to the general VAT rate of 20%
(instead of the reduced rate). The amendments became applicable on
1 January 2014.

Personal Income Tax

The Decree on detailed conditions, criteria and elements
for lump sum taxation of self-employed taxpayers

This Decree, which was adopted at the end of December 2013,
became applicable on 1 January 2014 and it introduced significant
changes in the lump sum taxation system.

This Decree is now aligned with the amended Law on Personal
Income Tax, in terms of the conditions for lump sum taxation. It
stipulates that the amenities of a business premises and the number
of working family members are no longer an element in the
determination of lump sum income.

The amendments reduced the number of groups in which
entrepreneurs are classified according to the criteria of turnover
volume and profitability. Now, there are six such groups, since the
sixth group which consisted only of lawyers has been abolished and
lawyers have now been moved into the fifth group.

The Decree amended percentages for determining the starting base
per group of activities within which entrepreneurs are classified,
which has reduced the fourth group to the applicable percentage
140% from , 150% and the fifth group was increased to 120% from
105% of the average monthly salary in Serbia.

Certain business activities, such as activities related to the
maintenance of cars (car mechanics, car wash, tyre services) and
entrepreneurs who provide advertising services, are completely
excluded from the lump sum taxation system.

All entrepreneurs who are no longer subject to lump sum taxation
are required to file a tax return by 31 January 2014 on Form
PPDG-1, where they will declare planned income, expenses and
profit.

Rulebook on method and procedure of the calculation of
salary tax in reduced tax base cases

This Rulebook was amended in order to comply with the amended
Law on Personal Income Tax and to further prescribe the procedure
and method of salary reduction for non-taxable amounts and is
applicable as of 1 January 2014.

The new Rulebook abolished the obligation of an employer to
submit a report on part-time employees upon each payment of
salaries (Form I). However, this amendment becomes applicable on 1
March 2014.

Property Tax

Amendments to the Rulebook on Tax Returns for Property
Tax

The Rulebook on Amendments to the Rulebook on Forms of Tax
Returns for Determining Property Tax, which became applicable on 1
January 2014, has been published.

The amendments are related to the forms for determining property
tax on the real property of a taxpayer who keeps books and who
determines property tax by self-taxation. The following forms are
altered under these amendments: Form PPI-1, Form Prilog-1 and Form
Pod-prilog with Prilog-1.

The amendments made legal-technical alignments and detailed the
rules for filling out these forms for cases in which changes that
affect taxation occur during the year.

MONTENEGRO

In December 2013, the Montenegrin Parliament adopted amendments
to the Law on Corporate Income Tax, the Law on Personal Income Tax
and the Law on Mandatory Social Security. Also, Parliament has
enacted a new Law on Real Estate Transfer Tax and a Law on
Write-off of Interests on Tax and Customs Debts. All the mentioned
regulations became applicable on 1 January 2014.

Corporate Income Tax

In Montenegro, legal entities operating in underdeveloped areas
are exempt from paying corporate income tax for a period of 8 years
starting from the day of registration with the Central Registry of
Commercial Entities. The amendments prescribe a maximum amount for
the tax exemption, which cannot exceed EUR 200,000 for an 8 years
period, including the total amount of all other types of state aid
received by the beneficiary of this tax incentive.

A legal entity operating in underdeveloped areas is also exempt
from paying salary taxes for newly employed individuals that are
employed for at least a 5 year period. This exemption may be used
for a period of 4 years from the date of the employment. However,
if the legal entity wishes to terminate such employment before the
expiry of the period of 3 years from the date of employment, it is
required to pay the salary taxes which would have been due had the
tax exemption not been used.

The procedure for the use of this tax exemption is regulated in
more detail. A legal entity may be entitled to a tax exemption if
it submits a request to the relevant tax authority within 30 days
from the day of the registration with the Central Registry of
Commercial Entities. Also, along with filing the annual tax return,
the legal entity has to submit a statement on the all other types
of state aid received in previous fiscal years, including the above
mentioned exemption from the payment of salary taxes for newly
employed persons.

The number of business activities which do not qualify for this
tax exemption has been expanded. Now, in addition to the legal
entities engaged in the sectors of the primary production of
agricultural goods, transportation, shipbuilding, fishing and
steel, this exemption may not be used by entities within the
sectors of trading and tourism, except for with primary tourist
facilities.

The amendments encourage legal entities to pay their tax
liabilities in a timely manner. Accordingly, if a legal entity pays
its taxes before 31 March of the current year for a previous year,
it will be entitled to a tax deduction (discount) of 6%.

Real Estate Transfer Tax

The new Law on Real Estate Transfer Tax was passed in July 2013,
but for practical purposes its application was postponed to 1
January 2014. The new Law mostly corrected some technical errors
from the previous version of this law. Also, the list of persons
entitled to tax exemption was expanded, so as to include persons
who acquired real estate under expropriation or in a procedure of
property seized in the name of public interest, as well as banks
for real estate acquired in the course of regular business activity
(for example on the basis of a mortgage).

The most important change was the introduction of self-taxation,
as a method of determining tax liability. A taxpayer who has
acquired real estate is now obliged to file a tax return within 15
days from the day of the taxable event and to calculate and pay the
real estate transfer tax when filing the tax return.

In line with the new Law, the Rulebook on content of the tax
return for the calculation of the real estate transfer tax was
enacted and introduced a new form for the declaration of taxes
– Form PR-OPPN.

These amendments prescribe a new misdemeanour for failure to
report and pay the tax: a legal entity which does not report and
pay the tax within the prescribed deadline may be fined from EUR
1,000 to 10,000, the responsible person of a legal entity may be
fined from EUR 200 to 1,000. An entrepreneur may be fined from EUR
800 to 6,000 for this misdemeanour.

Personal Income Tax

The amendments introduce, as with legal entities, a maximum
amount for tax exemption for individuals (independent
entrepreneurs) operating in underdeveloped areas. The maximum tax
exemption, like for legal entities is EUR 200,000, including the
total amount of received state aid.

Additionally, independent entrepreneurs are exempt from paying
salary taxes for newly employed persons that are employed for a
period of at least 5 years. The period of tax exemption is 4
years.

Business activities which do not qualify for this tax exemption
are the same as the ones prescribed for legal entities. The
procedure for the use of this exemption is the same as for legal
entities.

The amendments prescribe the amount of standard expenses for
renting tourist facilities (rooms, apartments, houses and flats).
Accordingly, the standard expenses in the amount of 50% of revenues
are recognised if a tourist tax is paid, or in the amount of 70% if
there is a lease agreement with a tourism organisation/agency and
the average occupancy rate is achieved at least 60 days
annually.

The amendments extended the period in which the higher tax rate
of 15% is applicable on salaries higher than EUR 720 to 31 December
2014. Also, it prescribed that an individualwho generates income
from two or more employers and whose monthly income exceeds EUR 720
is required to file an annual tax return.

The amendments abolished the right to lump sum taxation for
persons engaged in the following business activities: advocacy,
notary, audit, accounting, health care, consulting, design,
surveyor, public enforcement, other professional and intellectual
professions, hairdressers, billiards clubs, entertainment, gaming,
retail and wholesale, catering, hospitality, financial
intermediation and activities related to real estate, except for
trading and commercial activities performed on the counter, in a
temporary building or prefabricated/mobile facility.

All natural persons who were paying annual lump sum amount taxes
during 2013 and who continue to engage in that activity in 2014,
were required to submit an estimation of income for 2014 by 15
January 2014.

Fines for misdemeanours prescribed under this Law were
increased, so as that the maximum amount of the fines for legal
entities was increased from EUR 10,000 to 20,000, for entrepreneurs
from EUR 5,000 to 6,000, and for individuals from EUR 1,000 to
2,000. The minimum fine for the responsible person was increased
from EUR 250 to EUR 500.

Contributions for Mandatory Social Security

Amendments to the Law on Mandatory Social Security Contributions
prescribe that the base for payment of contributions for taxpayers
paying ttax on real income was established based on the amount of
realised or planned income in the appropriate percentage of the
average salary in Montenegro, in the following manner:

for income of up to EUR 9,000, the base is 60% of the average
monthly salary in Montenegro,

for income of up to EUR 15,000, the base is 100% of the average
monthly salary in Montenegro,

for income exceeding EUR 15,000, the base is 150% of the
average monthly salary in Montenegro.

The fines for misdemeanours prescribed in this Law were
increased, so as that the legal entity may be fined with a maximum
of up to EUR 20,000, entrepreneurs may be fined up to EUR 6,000,
and individuals up to EUR 2,000. The minimum fine for the
responsible person in a legal entity is EUR 500.

Write-off of Interest on Tax and Customs Liabilities

The Law on Write-off of Interest on Tax and Customs debts allows
legal entities and individuals who pay unsettled tax and customs
debts by 30 January 2014 to be exempt from interest. This is
related to all legal entities and individuals who have unsettled
tax or customs debts as of 31 December 2013.

In order to be exempt from interest, persons who pay their debts
by 30 January 2014, have to submit a request to the relevant tax or
customs authority within 15 days from the day of the payment of
debt. The relevant authority decides on this request by issuing a
resolution.

New DTTs applicable from 1 January 2014

New DTTs with the United Arab Emirates (ratified in 2012) and
Azerbaijan (ratified in 2013) are applicable from 1 January
2014.

Under the DTT with the United Arab Emirates, the withholding tax
rate on dividends is 5% or 10% depending on the recipient's
share of the company paying the dividend (a 5% shareholding
threshold), on interest the rate is 10% and on royalties 5% or 10%
depending on the type of royalty.

Under the DTT with Azerbaijan, the withholding tax rate on
dividends, interests and royalties is 10%.

BOSNIA AND HERZEGOVINA

On 16 December 2013, the Parliamentary Assembly of Bosnia and
Herzegovina adopted amendments to the Law on Indirect Taxation
Procedure.

The amendments reduce the rate of the default interest on unpaid
VAT liabilities from 0.06% to 0.04% per day of delay. Also, the
additional burden in the enforced collection procedure has been
reduced from 10% to 5%.

The amendments grant the Indirect Taxation Authority of Bosnia
and Herzegovina the right to publish the names of all taxpayers who
have unpaid VAT, excise taxes and customs liabilities. The
Authority now has the right to deliver the names of tax debtors to
the media or to publish them on its website.

New DTT applicable form 1 January 2014

The new DTT which Bosnia and Herzegovina signed with Azerbaijan
(ratified in 2013) is applicable from 1 January 2014.

Under this DTT the withholding tax rate on dividends, interest
and royalties is 10%.

Republic Srpska – Personal Income Tax

The amendment to the Law on Personal Income Tax was adopted in
December 2013 and is applicable as of 1 February 2014.

The most important change is the introduction of new grounds for
the decrease of the base for income tax, in the form of a personal
deduction in the amount of BAM 2,400 per year, i.e. BAM 200 per
month. This deduction is realised upon calculation of the
employees' salaries and it is applicable as of1 February
2014.

In addition to the newly introduced personal deduction,
taxpayers may reduce the tax base for an annual deduction in the
amount of BAM 900 for a dependent member of immediate family, for
interest paid on a housing loan and for the amount of contributions
paid for voluntary pension insurance in the amount of up to BAM
1,200 per year.

CROATIA

The amendments to the Law on VAT provide an increase of the
reduced VAT rate from 10% to 13% and this rate is applicable as of
1 January 2014 on sugar, edible oils and fats, childrens food,
water supply, concert entrance fees, periodical magazines, and also
magazines for culture and art, and this rate applies to hospitality
and tourism.

A new Law on Collection, Processing, Linking, Use and Exchange
of Information about Revenues and Public Benefits for Insured
Persons became applicable at the beginning of 2014.

Under this law, employers, and all other taxpayers for all types
of income paid from the beginning of the year, including salary for
December 2013, use a new unified form of taxes, surtaxes and
contributions – Form JOPPD, which replaced the previous six
forms for income, taxes, surtaxes and contributions.

Form JOPPD is a common form for the Tax Administration and the
Central Register of Insured Persons (REGOS), and it will show
information regarding income from employment, other income (service
contact, royalties, other income in kind), on related taxes and
contributions, data on payment of a quotidian and travel expenses,
transportation allowances, appropriate awards, severance payments,
etc.

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.

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